Class 113 - last blog...
Please watch the YouTube/Ted talk by Simon Sinek. What did you think of it? Please comment on what his message means to you and your group relating to your future plans.
http://www.youtube.com/watch?v=qp0HIF3SfI4
Plan are due Sep 30th in hard copy on my desk nlt 4pm CST.
Let me know if you need anything. They will be available for pick up the week of Graduation. Best of Luck to you all. I have enjoyed reading your comments and getting to know you. Alexis
Thursday, 29 September 2011
Monday, 26 September 2011
Ethics, Fraud, and Embezzlement
Class 113 - This past week we discussed the concern with fraud and embezzlement in the workplace. There is not a day goes by that you cannot read or hear about situations like this which negatively impact an employer. It is devastating!
The three areas you should be aware of are:
Business plans are due on my desk (not in the mail) Sep 30 - 4pm CST. in hard copy and ready for a banker to critique.
This week's blog topic is about financial controls. How will you protect your assets? What issues have your doc's come across? and how did they change their processes so the situation did not happen again?
Alexis
The three areas you should be aware of are:
- Cash schemes involving accounts receivables and not fully recording services, writing off bad debts which have previously paid but not recorded.
- Accounts Payable: ficticious vendors, including personal bills in mass payments
- Payroll: ghost employees, incorrect time cards
Business plans are due on my desk (not in the mail) Sep 30 - 4pm CST. in hard copy and ready for a banker to critique.
This week's blog topic is about financial controls. How will you protect your assets? What issues have your doc's come across? and how did they change their processes so the situation did not happen again?
Alexis
Friday, 9 September 2011
Looking for a job
Class 113 - Just a reminder that your plans are due 3 weeks from today, in hard copy on my desk (not in the mail) nlt 4 pm CST. If you need any assistance, please feel free to contact me.
This week's discussion is in regard to finding a good fit with an associateship. What are you looking for and how will you know what is a good fit for you? What are you doing to find an associateship. Be specific, be creative. Also, list two questions you have asked or plan to ask the Doctor during the interview process. Team challenge - you can't list the same questions as someone has already posted. Last who has been successful?
Have a great week. "Odd Team" Blogs are due Monday Sep 12th. Alexis
This week's discussion is in regard to finding a good fit with an associateship. What are you looking for and how will you know what is a good fit for you? What are you doing to find an associateship. Be specific, be creative. Also, list two questions you have asked or plan to ask the Doctor during the interview process. Team challenge - you can't list the same questions as someone has already posted. Last who has been successful?
Have a great week. "Odd Team" Blogs are due Monday Sep 12th. Alexis
Saturday, 3 September 2011
Financial Statements and Financial Ratios
Welcome Class 113 - First an announcement: There will be no class on Sep 7th. You are to use this week to finalize your business plan.
This week we looked at the "Big Three" - The balance sheet, income statement, and the cash flow statements. These reports are used for financial reporting different from the management reporting we discussed the previous week. We compared how the three interrelated and how they work together to provide a picture of the health of a business.
The balance sheet is a snapshot in time. Assets = Liabilities + Owner's Equity. The line items are listed in order of liquidity to cash.
The income statement reflects revenues less expenses to show whether the company has made a profit or loss.
The cash flow statement takes out depreciation and other non-cash items and provides information as to the viability of your cash. It incorporates three catagories; operating, finance and investing. Operating is the catagory to watch. You want to be able to operate profitably.
Both the income statement and cash flow statement shows activity over a period of time; a quarter or year.
My understanding is that very few students have any experience or understanding of financial statements. "Even teams", the topic this week is to discuss specfically what other resources you will access to help you have a better understanding of preparing and interpreting financial statements. List web links if you find ones that are helpful. Also, preceptors - ask your Doctor specifically what they monitor in their practice in regard to finances?
Have a great week. Alexis
This week we looked at the "Big Three" - The balance sheet, income statement, and the cash flow statements. These reports are used for financial reporting different from the management reporting we discussed the previous week. We compared how the three interrelated and how they work together to provide a picture of the health of a business.
The balance sheet is a snapshot in time. Assets = Liabilities + Owner's Equity. The line items are listed in order of liquidity to cash.
The income statement reflects revenues less expenses to show whether the company has made a profit or loss.
The cash flow statement takes out depreciation and other non-cash items and provides information as to the viability of your cash. It incorporates three catagories; operating, finance and investing. Operating is the catagory to watch. You want to be able to operate profitably.
Both the income statement and cash flow statement shows activity over a period of time; a quarter or year.
My understanding is that very few students have any experience or understanding of financial statements. "Even teams", the topic this week is to discuss specfically what other resources you will access to help you have a better understanding of preparing and interpreting financial statements. List web links if you find ones that are helpful. Also, preceptors - ask your Doctor specifically what they monitor in their practice in regard to finances?
Have a great week. Alexis
Thursday, 25 August 2011
Working with local high schools & college athletic depts...
I had a discussion this week with an alumnus who is looking for ideas in regard to the above topic. I told him I would post this on our blog for ideas and suggestions. Preceptors please ask your docs for their thoughts also. Thanks...
Hi , Alexis
Thanks again for some of the tips/advice you offered during our phone call. My question I brought up was relating to what avenues DCs in the field have used to open doors into working with local high schools and colleges athletic departments. I have a few opportunities in my area with the opportunity to make a proposal to their ADs. Thanks again in advance for any suggestions you can afford.
Scott Cichosz DC
Thanks again for some of the tips/advice you offered during our phone call. My question I brought up was relating to what avenues DCs in the field have used to open doors into working with local high schools and colleges athletic departments. I have a few opportunities in my area with the opportunity to make a proposal to their ADs. Thanks again in advance for any suggestions you can afford.
Scott Cichosz DC
Budgeting & Record Keeping
Class 113 -
This week's theme was "Keep the End in Mind" - which comes from the Covey - 7 Habits book.. Financial Statements, tax returns, as well as other management reports are your end product. Looking at these first can help you lay out your general ledger and accounting software to save time in tracking this particular informantion. There is nothing more frustrating than picking apart numbers to complete forms...i.e. tax returns, financial statements, loan applications.
Keeping the end in mind is also relative to management reports. I have upload 3 samples that I shared in class. The three reports display very different information from the same data. You will want to familarize yourself with reading and understanding these types of management reports. Variances will alert you to positive or negative aspects of your financial picture. It is important to take advantage of these indicators and make adjustments as needed in a timely manner.
This week's discussion is:
What software have you looked at and compared? What are your precept docs using? Pro's and Cons...be detailed. What is important to you in your search for software?
"Odd" teams are up!
Have a great week...your plans should be in their first draft and as the power point says, you should be revising, refining, and rejoicing! Reminder that they are due in hard copy on my desk (not in the mail)(not post marked)(not emailed) by 4pm CST Sept 30th!
Alexis
This week's theme was "Keep the End in Mind" - which comes from the Covey - 7 Habits book.. Financial Statements, tax returns, as well as other management reports are your end product. Looking at these first can help you lay out your general ledger and accounting software to save time in tracking this particular informantion. There is nothing more frustrating than picking apart numbers to complete forms...i.e. tax returns, financial statements, loan applications.
Keeping the end in mind is also relative to management reports. I have upload 3 samples that I shared in class. The three reports display very different information from the same data. You will want to familarize yourself with reading and understanding these types of management reports. Variances will alert you to positive or negative aspects of your financial picture. It is important to take advantage of these indicators and make adjustments as needed in a timely manner.
This week's discussion is:
What software have you looked at and compared? What are your precept docs using? Pro's and Cons...be detailed. What is important to you in your search for software?
"Odd" teams are up!
Have a great week...your plans should be in their first draft and as the power point says, you should be revising, refining, and rejoicing! Reminder that they are due in hard copy on my desk (not in the mail)(not post marked)(not emailed) by 4pm CST Sept 30th!
Alexis
Thursday, 18 August 2011
Revenues and Accounts Receivables
Class 113 - To answer a couple questions brought up in class:
1. Loopnet and other sites similar - what is their percentage of accuracy? The answer is: We have no idea but feel that it must be reasonable or else could not stay active. Again it is good to gather information from multiple sources for comparison and reasonableness. Loopnet has an email for questions...so there is a start. Sorry this is not more helpful.
2. Is it legal to contact other chiropractors to see what they are charging for services so as to help in deciding how much to charge for your own services? Yes. That is fine. Where is become illegal is when a group makes an agreement that they will all charge a certain price. This is price fixing. This falls under the Sherman Anti-Trust Act of 1890. There is lots of information on price fixing on the web.
This week was the first of a four part series on the financial aspect of your practice. We discusses revenues and account receivables/collections. See the class web page for more on that section of the excel spreadsheet. Discussion revolved on how you plan to differentiate yourself from your competition - chiropractic or other. Also on how you plan to utilize your marketing dollars into the revenue stream.
Even Teams please comment on:
What will be your competitive advantage(s) and what marketing/advertising/promotion events will you use to achieve your revenue goals during your first year of practice. Be specific.
Have a great week. Alexis
1. Loopnet and other sites similar - what is their percentage of accuracy? The answer is: We have no idea but feel that it must be reasonable or else could not stay active. Again it is good to gather information from multiple sources for comparison and reasonableness. Loopnet has an email for questions...so there is a start. Sorry this is not more helpful.
2. Is it legal to contact other chiropractors to see what they are charging for services so as to help in deciding how much to charge for your own services? Yes. That is fine. Where is become illegal is when a group makes an agreement that they will all charge a certain price. This is price fixing. This falls under the Sherman Anti-Trust Act of 1890. There is lots of information on price fixing on the web.
This week was the first of a four part series on the financial aspect of your practice. We discusses revenues and account receivables/collections. See the class web page for more on that section of the excel spreadsheet. Discussion revolved on how you plan to differentiate yourself from your competition - chiropractic or other. Also on how you plan to utilize your marketing dollars into the revenue stream.
Even Teams please comment on:
What will be your competitive advantage(s) and what marketing/advertising/promotion events will you use to achieve your revenue goals during your first year of practice. Be specific.
Have a great week. Alexis
Thursday, 11 August 2011
Human Resources - Personnel
Class 113 - Thanks to Michelle Walker for her excellent presentation on Human Resource issues - specifically hiring an employee.
This week we are thinking about the professional and hourly staff that we plan to have in our office. Don't forget to take into consideration any outside contractors you plan to use. You will want to keep in mind the hours and days of the week you plan to be open. The template - Page 8, has 3 employees listed but feel free to insert other columns. You will need to change the headings: Employee 1 to a position name - example: front desk am. Your goal is to have your narrative as well as your spreadsheet completed.
"Odd" Teams comment by August 15th.
This week's topics to comment on are:
This week we are thinking about the professional and hourly staff that we plan to have in our office. Don't forget to take into consideration any outside contractors you plan to use. You will want to keep in mind the hours and days of the week you plan to be open. The template - Page 8, has 3 employees listed but feel free to insert other columns. You will need to change the headings: Employee 1 to a position name - example: front desk am. Your goal is to have your narrative as well as your spreadsheet completed.
"Odd" Teams comment by August 15th.
This week's topics to comment on are:
- what are three interview questions you would use when hiring a front desk person
- what type of services might you use an outside contractor for and
- what are the pros and cons of using an outside contractor - be specific
- what are the pros and cons of using a temp agency.
Wednesday, 3 August 2011
In response to a website question...
Andrea asked: I would really like to learn about creating a doctor's profile online on our future clinic website and what to include in that profile.... I know that building a website for our clinic is a vital part of marketing in the world today and that a profile of the doctor can help attract patients or even inspire them to share about chiropractic with others.
Mike Rekemeyer, a web master responded with the following:Chiropractic Profile
1. Short(two - three sentences) paragraph about yourself
a. Where your from
b. Why chiropractic
2. Bullet list of education and certifications
a. Undergrad, activities
b. Graduate, activities
c. Outside certifications
3. Specialties.
This is the one I found easiest to read.
This is the one I found the hardest to read.
Palmer Clinic faculty bios page
Thanks Mike.
General Company Description & Operating Plan
Class 113 -
This week in class we discussed the pros and cons of the different legal structures in setting up your business, licensing, insurance & permit requirements. These are all important considerations in deciding where and when you will be opening your door.
More discussion was on picking the location of your business (Stand alone, strip mall, central city) and the internal layout that will best fit your needs.
The assignment due next week is to write the general business description and operating plan narrative that you will include in your business plan. You can find some guidance as to what you should include in the syllabus as well as the class power point. It is also time to open the financial template in excel. You should start with pages 3,4,5. Keep in mind that what your write in your narrative will have costs associated and you will need to include these costs in the excel template. The banker will be looking for this specifically. Please share your narrative with your team for feedback.
A useful tool in developing this section is to use a SWOT analysis.
SWOT stands for Strengths, Weaknesses, Opportunities and Threats. S & W are internal, O & T are external. This analysis ia also useful when you are setting your goals for your first year of business ans remember - goals need to be quantative, measureable, with the end result in mind.
"Even" Teams comment by August 8th.
This week topic to comment on is:
· what are your top three considerations in regard to picking a location for your office
· how and where did you gather the data needed to write general business description
· compare and contrast a LLC and Subchapter S Corp
Have a great week. Alexis
This week in class we discussed the pros and cons of the different legal structures in setting up your business, licensing, insurance & permit requirements. These are all important considerations in deciding where and when you will be opening your door.
More discussion was on picking the location of your business (Stand alone, strip mall, central city) and the internal layout that will best fit your needs.
The assignment due next week is to write the general business description and operating plan narrative that you will include in your business plan. You can find some guidance as to what you should include in the syllabus as well as the class power point. It is also time to open the financial template in excel. You should start with pages 3,4,5. Keep in mind that what your write in your narrative will have costs associated and you will need to include these costs in the excel template. The banker will be looking for this specifically. Please share your narrative with your team for feedback.
A useful tool in developing this section is to use a SWOT analysis.
SWOT stands for Strengths, Weaknesses, Opportunities and Threats. S & W are internal, O & T are external. This analysis ia also useful when you are setting your goals for your first year of business ans remember - goals need to be quantative, measureable, with the end result in mind.
"Even" Teams comment by August 8th.
This week topic to comment on is:
· what are your top three considerations in regard to picking a location for your office
· how and where did you gather the data needed to write general business description
· compare and contrast a LLC and Subchapter S Corp
Have a great week. Alexis
Thursday, 28 July 2011
Vision and Mission Statements
Class 113 -
This week we discussed the difference between a vision and mission statement and the value that writing a vision and mission statement means for your business. You will find the links to this week’s power point and YouTube examples posted on the portal.
This week's assignment is for you to write a vision and mission statement which will be included in your personal business plan. Your vision statement should be approx. 1/2 - 1 page long and your mission statement 1-3 sentences. It it is to be written in 3rd person. This is not necessarily a slam dunk assignment and I would encourage you to take some extra time to really think of where you want to be in 5 years and what the mission of your business will be.
Points to remember:
The vision statement is about your values and beliefs.
The mission statement is about who you will serve, what value they will receive, and what is the ultimate result you seek.
After you write your two statements, share them with your team mates for feedback and critique.
Blog Comments due - Aug 1 - “Odd” teams are to comment on this Blog. Please keep comments to 2-3 sentences per question below.
Topic to comment on is:
What resources - other than ones listed above - did you use to help you with writing your vision and mission statements?
When critiquing your team mate's statements, what advice did you give them?
What was easy and what was hard about writing this assignment?
Lastly, share your mission statement.
This week we discussed the difference between a vision and mission statement and the value that writing a vision and mission statement means for your business. You will find the links to this week’s power point and YouTube examples posted on the portal.
This week's assignment is for you to write a vision and mission statement which will be included in your personal business plan. Your vision statement should be approx. 1/2 - 1 page long and your mission statement 1-3 sentences. It it is to be written in 3rd person. This is not necessarily a slam dunk assignment and I would encourage you to take some extra time to really think of where you want to be in 5 years and what the mission of your business will be.
Points to remember:
The vision statement is about your values and beliefs.
The mission statement is about who you will serve, what value they will receive, and what is the ultimate result you seek.
After you write your two statements, share them with your team mates for feedback and critique.
Blog Comments due - Aug 1 - “Odd” teams are to comment on this Blog. Please keep comments to 2-3 sentences per question below.
Topic to comment on is:
What resources - other than ones listed above - did you use to help you with writing your vision and mission statements?
When critiquing your team mate's statements, what advice did you give them?
What was easy and what was hard about writing this assignment?
Lastly, share your mission statement.
Thursday, 21 July 2011
Marketing and Direct Mailing
Thanks to Lori Leipold Kim Kent for sharing insights on marketing at a grass roots level, public relations and direct mail. I will uploading their notes on the class web page.
I would also like to direct you to an article in the October 8, 2010 edition of Chiropractic Economics. "Marketing made easier", by Don Macdonald, DC, talks about three good options for increasing business:
Internal events - which are staged to create exicitement, referals and retention.
Reactivation - keeping up with patients who have lapsed in their care.
External events - or external communication involving going out to the community to spread the word of chiropractic and your office.
The article also talks about the power of communication. It outlines three aspects:
Careful communication - where you are more concerned about the values of others that you tend to lose your own principles.
Careless communication - where you only honor your values and force others to see your point of view.
Optimally - Caring communication - which is the most effective - where you get to know your patient and their values and communicate your values through theirs.
This week's blog topic is - Marketing your business and turning marketing into revenue.
Teams with an "even" number are to comment by/no later than Monday July 25, 2011.
Please discuss how you plan to apply marketing strategies to your business. Please address thoughts, plans on using direct mailing, internal and external marketing. Be specific. Also what processes do you plan to use for feedback to know that the dollars you are spending are bringing in patients? Those on preceptor please get thoughts and input from your doctor to share in this format.
Just click on the "comment" link below to get started. For more directions, please refer to the class website and the powerpoint with the "how to blog" directions. Also - one blog per team.
Also in the previous blog, I have updated the list of students who still need to sign up for a team.
Have a great week. Alexis
I would also like to direct you to an article in the October 8, 2010 edition of Chiropractic Economics. "Marketing made easier", by Don Macdonald, DC, talks about three good options for increasing business:
Internal events - which are staged to create exicitement, referals and retention.
Reactivation - keeping up with patients who have lapsed in their care.
External events - or external communication involving going out to the community to spread the word of chiropractic and your office.
The article also talks about the power of communication. It outlines three aspects:
Careful communication - where you are more concerned about the values of others that you tend to lose your own principles.
Careless communication - where you only honor your values and force others to see your point of view.
Optimally - Caring communication - which is the most effective - where you get to know your patient and their values and communicate your values through theirs.
This week's blog topic is - Marketing your business and turning marketing into revenue.
Teams with an "even" number are to comment by/no later than Monday July 25, 2011.
Please discuss how you plan to apply marketing strategies to your business. Please address thoughts, plans on using direct mailing, internal and external marketing. Be specific. Also what processes do you plan to use for feedback to know that the dollars you are spending are bringing in patients? Those on preceptor please get thoughts and input from your doctor to share in this format.
Just click on the "comment" link below to get started. For more directions, please refer to the class website and the powerpoint with the "how to blog" directions. Also - one blog per team.
Also in the previous blog, I have updated the list of students who still need to sign up for a team.
Have a great week. Alexis
Tuesday, 19 July 2011
Team sign-up due this week!
Class 113 - We are still missing 5 students who need to sign up for a team.
Crist, Fisher-M, Milbrandt, Steketee, Sterling.
Please pass the word. Thanks.
What topics of discussion would be of interest to you?
Friday, 1 July 2011
Welcome Class 113
Welcome to your class blogspot. Here in this space will be an opportunity for you to share on a regular basis your journey through your last trimester of school and planning for your future.
This space is to share information that will assist you in creating your business plan.Please remember to check out the class course home page weekly. You will need to sign up to be a member of a team no later than July 15th. The link is:https://docs.google.com/document/edit?id=12V56j8-n51uTQtWJHr03HFYw5uz53XyHsk8F5tyJFMY&authkey=CNnv4vwP&hl=en&pli=1#
As a test run ... anyone who wants to respond with a comment...What specific topics would you like to see covered this term?
Best of Luck. Alexis
This space is to share information that will assist you in creating your business plan.Please remember to check out the class course home page weekly. You will need to sign up to be a member of a team no later than July 15th. The link is:https://docs.google.com/document/edit?id=12V56j8-n51uTQtWJHr03HFYw5uz53XyHsk8F5tyJFMY&authkey=CNnv4vwP&hl=en&pli=1#
As a test run ... anyone who wants to respond with a comment...What specific topics would you like to see covered this term?
Best of Luck. Alexis
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